ABC Television Network
Shark Tank is riding a wave of popularity that is really kicking up the quality of life for its millionaires and billionaires. The denizens of the tanks are regulars on the talk show circuit and have journalists filing story after story after story in all types of media. They need to be careful though — their parent network, ABC, could be pushing this show off the rails of the gravy train even faster than they would like.
Another ABC show can provide a cautionary tale that Barbara Corcoran, Mark Cuban, Lori Greiner, Robert Herjavec, Daymond John, and Kevin O'Leary should heed: Who Wants to Be A Millionaire. Over a decade ago, it was the toast of the television world. Regis Philbin, with his assortment of ties, had all of America repeating his trademark phrase, "Is that your final answer?" It was must-watch TV and the first time that someone actually answered the million dollar question was national news.
Then ABC got greedy. It started airing new episodes multiple times a week. People got bored of the program and it eventually fell out of prime-time grace. The very same thing can happen with Shark Tank if the programming honchos aren't more careful. The show has served as a stalwart stand-in for series that have already ended their seasons or have already been canceled. While there is educational value in a repeat viewing of a Shark Tank episode, there's no small chance that people might start tuning these lessons out.
The show's format has served it well, especially with the bringing in of Cuban and Greiner to further humanize the show; still, there's always a need to shake up thing after a while, since even the most successful formula and get stale after a while. One suggestion might be for the five sharks to make some road trips and visit the entrepreneurs in their element. That way, they could spend an episode in one place and go really in-depth, much like Marcus Lemonis does on The Profit. Imagine Cuban snarking on the work area of an entrepreneur. Even if this shakes up what we loved about the show to begin with, fresh material like this could be what saves the series from going stale.
Just remember... a shark has to keep moving forward, otherwise it will die. The same could be said of this show if ABC keeps this up.
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ABC Television Network
Tonight's episode had guest Shark Steve Tisch sitting in Robert Herjavec's seat. Tisch is co-owner of the New York Giants, whose stadium happens to be the host site for the Super Bowl coming up on Sunday. Could his appearance have been timed to this? Nahhhhh. Much as I like Herjavec, it's always nice to see some fresh blood among the Sharks.
First
The first presentation started off really weirdly with Chris Pouy, one of the entrepreneurs, wearing a cow outfit. The other one, Tiffany Panhilason, wore an elegant orange dress, so there was some kind of visual disparity at first. Just look at the picture above. Yeah. Points for some originality, but the Sharks were rolling their eyes pretty early on before Pouhy switched into a dress jacket and shirt. They were pitching Cow Wow Cereal Milk. Yes. they actually saved the remnants of the milk at the bottom of cereal bowl. Besides the sugar amount and the fact that the market was already so saturated (pun intended), the Sharks weren't wowed at the $250,000 and 10% equity they were asking for. For me, their packaging reminded me too much of those muscle drinks you see at gyms. No Shark bit and they were reduced to making cow puns in the hall afterwards. "We'll keep on moo-ving." Right. That made me want to reach for an alcoholic beverage. I'm udderly serious. No! Don't click away! I won't do that again.
Second
This was another two-person pitch. They were Joan Pacetti and Julia Schmid, two sisters from Normal, Illinois. There should be a horror movie set in a town like that ... well, because weird things happening in a place called Normal. C'mon. That should write itself. I want royalties if it does happen. They were pitching Cookie Dough Cafe, which was what it sounds like: raw cookie dough, but safe to eat since it has no eggs in it. Mark Cuban, Daymond John and Kevin O'Leary were offput by the low number of sales, with O'Leary saying quite a few unkind things. However, Lori Greiner and Tisch saw the potential, and after a bit of haggling and the sisters being lucky that the two Sharks weren't mad that they didn't immediately jump at the offer, they paired up for a deal for $100,000 for 30%.
Update
The update was for Pro-NRG, which was protein infused water. John had invested in it. They had over $1.5 million in sales since then and Brandon Jacobs, the recently-retired running back for the Giants, was still the spokesman
Third
The third person was Terry Jones, the CEO of Nexersys. The product was a workout machine where people punched various pads while looking at at a video simulation of a boxer. The thing that sank this pitch very quickly was the fact that he had a lot of investors and a lot of debt, which was a bad combination. The Sharks kept asking tougher and tougher questions, with Jones looking more and more like a hapless lightweight boxer being ferociously hit by a young Mike Tyson, an example that John alluded to during the presentation. He was soon KO'd with no deal and the Sharks thinking that he was going to wind up being an employee of his own company with the debt load. The pitch did last longer than some of Tyson's early fights, though.
Fourth
The fourth pitch was for Cycloramic and it was by far the coolest thing I've seen in a long time. What it was was an app that harnessed the vibrate function on a smartphone and allowed it to turn on its own on a flat surface and take a panoramic picture. It was one of those things that had to be seen to understand how amazing that was. The entrepreneur, Bruno Francois was swarmed by Sharks in one of the few good examples of a feeding frenzy. Eventually Greiner and Cuban paired together - with Greiner even switching partners in mid-stream. She had originally paired with Tisch and then jumped on Cuban's offering for $500,000 and 15% equity, which Francois accepted, but not before Greiner jumped up in the middle of other Sharks trying to get other offers in and nearly bellowing, "STOP!" to get them to quit trying to ruin her deal, which she had nearly closed. Tisch was befuddled at her change of heart with the partnership but there's the whole saying about women and changing their minds. Cuban and Greiner were the best two to do it: they know technology and they know how to get things out fast. I was happy to see Francois choose them.
Best Lines
"It's a hobby that should be taken behind the barn and shot." -- O'Leary did NOT like the Cookie Dough Cafe at all.
"If you do this deal, I'm going to add egg to yours." -- O'Leary did NOT want John to do a deal with the Cookie Dough Cafe people.
"Kevin hears the word 'dough' and he gets confused." -- Cuban riffing on O'Leary's love of money.
"I'm going to give you some rolling paper so you can smoke this stuff." -- O'Leary to the Cookie Dough Cafe women after they hemmed and hawed on Greiner and Tisch's initial offer.
"She'd kick my ass." -- Cuban remarking on the model who was hitting the Nexersys pads.
"I just wanted to knock his ass out." -- Cuban on using the Nexersys system to punch an avatar of O'Leary, whom the Mavericks owner is fond of taking shots at.
"His mouthpiece is in the third row, Lori." -- John alluding to how badly Jones was going to get hit when his debt came due.
"Welcome to the Shark Tank rook!" -- Cuban after Greiner switched partners to join him and abandoning a partnership with Tisch in the last segment .Of course, billionaires can needle each other like that.
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ABC Television Network
Though the products tonight didn't seem that innovative, there were plenty of great zingers and jabs thrown throught the episode.
First
First in the Tank were Betsy Johnson and her brother Berry (Yes, Berry) Johnson, the entrepreneurs behind SwimZip - a clothing line of UV-protecting swim clothes for children. What made them stand apart though was the fact they had a zipper on the front. Though they had good numbers, the majority of the Sharks - Mark Cuban, Daymond John, Kevin O' Leary, and Robert Herjavec - bowed out quickly due to their being too early in their journey. The only one that believed was Lori Greiner. She offered the money that they needed but wanted 20%. Betsy was ready to jump on the deal, but Berry thought it was too much equity. Betsy got greedy and wanted $120,000 for the same equity, which almost killed the deal. Fortunately, cooler heads prevailed and they got the deal despite Berry's initial interference.
Update They updated Kimberly Nelson and her company Daisy Cakes, who had made a deal with Barbara Corcoran. They had hit a speed bump, losing cakes due to bad quality and lost $150,000. Corcoran moved them back to their initial home base and things looked on the upswing, since their sales looked to be in the $3 million range.
Second
Phil Black, the entrepreneur behind Fit Deck, had a heck of a resume - he graduated from Yale, worked at Goldman Sachs and was a Navy SEAL. His product was a bunch of cards with different fitness exercises. Though he had made good sales, he was sinking too much money into it and none of the Sharks bit at his $300,000/20% valuation , though they did thank him for his service to his country. That was probably to keep him from possibly sneaking into their homes and exacting revenge. Hey, he was a SEAL, after all.
Third
Daryl Stevenett, the third entrepreneur, was pitching the strangest thing I ever saw on the show, LifeCaps. He started off off by asking the Sharks if he looked well and mentally alert. He said he hadn't eaten any food for eight days. According to him three of his pills a day was enough to keep him healthy. Cuban called him what I was thinking - a snake-oil salesman. The guy could have been one of those traveling people in the early 1900s. The problems were numerous: he hadn't run any tests and there were no doctors backing it. Though he said it wasn't a diet aid.
Last
Susan Petersen was the last entrepreneur in the Tank with her company Freshly Picked, which were high-end moccasins for kids. She regaled them with her story of how she took aluminum from old windows that her brother had taken and sold them for her first batch of leather. The company was quite profitable but Cuban, Herjavec and Greiner didn't see themselves fitting in her market. O'Leary offered her half of what she was seeking on the contingency that John joined in the deal. The FUBU founder kicked O'Leary to the curb and offered her $150,000 for 25%. Petersen, who had professed love to O'Leary before explaining that John was her dream investor. She wound up taking his deal and leaving on Cloud 9.
Best Lines
"Would you like to try it?" -- Stevenett asking the Sharks to sample his LifeCaps"Yes." -- Herjavec, apparently eager to put a untested pill in his mouth"ABSOLUTELY NOT!" -- Cuban, looking ready to tackle Herjavec if he even made a move to open a bottle
"Well, it's like bears. They hibernate. How come they don't die sleeping for seven months?" -- Stevenett"They buy LifeCaps?" -- O'Leary offering a new biological theory
"Barbara, can I explain one thing?" -- Stevenett to Greiner after she says she is out"I'm not Barbara. I'm Lori." -- Greiner, debunking Stevenett's claims that he still had mental acuity after not eating for eight days
"You're full of crap!" -- Cuban to Stevenett about his LifeCap claims"I have no crap in me. I haven't eaten in eight days." -- Stevenett's reply, making even Cuban laugh
"I get slimy thinking about him." -- Cuban was NOT a fan of Stevenett
"Kevin, your face is on my pillow at night. I love you!" -- Petersen to O'Leary"Keep that up and I'll drop the royalty rate!" -- O'Leary's reply
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ABC
This was the first new episode of Shark Tank in 2014 and it was quite a good one. Then again, I may have just been really hungry for a new episode after the Christmas/New Year's lull.
First in Tank
First was Thomas Hill, a former NFL Draft Pick who had been let go due to an injury that he had suffered in college. Tired of seeing kids be obese, he created Bounce Boot Camp, which was an inflatable bouncy obstacle course that also had stations for other exercises. He wanted $30,000 for 20% and had visions of one in each city in America. It would cost $40,000 for someone to get one. The problem was that the Sharks found the business model to be flawed. He was also only devoting one day a week to this, since he had a job as a pharmaceutical rep. That is fatal to try to get a deal with a Shark. They need nearly fanatical devotion to that product, but they gave Hill a lot of good advice since they loved what he was doing and sent him on his way to go out and hustle. Second In Tank
Next in the Tank was Dr. Jim Lewis, a forensic pathologist who was selling Wall Doctor RX. I was glad he wasn't marketing home forensic equipment. He wanted $150,000 for 20%. The product was a patch that was placed over a hole in any wall and then two days later, removed, leaving a spackle -like substance over it which would need to be sanded over. Sensing a great opportunity, four sharks - Kevin O'Leary, Robert Herjavec, Lori Greiner and Daymond John made individual offers of varying amounts and equity, ranging from twice what Dr. Lewis asked for all of it to $150,000 for 15%. The doctor tried to get a little too cute, asking Greiner and Herjavec to work together, with both of them balking quite hard at it despite his cajoling. Only the fact that they loved the product kept them from telling him to sticking it where the sun don't shine. Dr. Lewis finally took Herjavec's deal but was made to sweat since Herjavec didn't like that he had originally wanted Greiner to join with him. He was acting like he was going to retract his offer, but finally relented, making everyone happy.
There was an Update about Nuts and More, who had gotten a deal with Herjavec and Mark Cuban. Things were great: they had generated $1 million in 7 months after they appeared on the show. The company had grown to 12 employees and locked in a deal with Whole Foods.
Third In Tank
I admit that I was befuddled at how Eyebloc even got on the show. The presentation started with C.J. Isakow stomping in, wearing sunglasses. He looked like a heavier version of Andre from The League. He immediately jumped into a pitch about how webcam security is at risk, with hackers being able to to take over the camera and view what is going on. His product? A little doohickey that could be placed over the pinhole of the webcam. He was charging nearly $10 apiece. and wanted $50,000 for 10% of his company. The Sharks correctly laughed him out of the room, pointing out that they could just stick a Post-It note over the hole and not pay 10 bucks for it. He had sold a whopping 45 of them. I'm astonished the producers thought this might even be something the Sharks would consider.
Last In Tank
The last entrepreneurs were Brian Whiteman and his "Baby Mama" Julie. Yes, he actually introduced his wife like that. They wanted $150,000 for 20% of Groovebook, an app that allows people to get a book of photos from pictures from their smartphone for $2.99 a month, they could get a book of 100 photos that were perforated for easy removal. They showed a picture of young John, which prompted a bunch of "You had hair?" cracks. The thing that made them able to do that for so cheap is that they owned their own printing press. They were still far from even being close to breaking even and they wanted to keep the prices low so that everyone could get them, a sentiment that made all the Sharks roll their eyes. Cuban and O'Leary eventually joined for their own deal after the Whitemans almost shot themselves in the foot with a new $6 million valuation, where they would handle the one-off things and the Whitemans could still own some equity, whereas Herjavec and Greiner wanted 50% of the company. Both sides were basically yelling at each other that their deal was horrible (I love when billionaires get snarky at each other). The Whitemans took the Cuban/O'Leary offer of $150,000 for 80% of the rights to license Groovebook (I have to keep reminding myself not to type GrooveShark) to other companies. It ended with Whiteman sweeping his wife off her feet and carrying her off the set - I think that was a make-up for the 'baby mama' intro.
Highlight Of The Night
Seeing Cuban, Herjavec and John act like little kids horsing around with each other in the Bounce Boot Camp segment. It's like they all became 12 years old again.
Best Quotes
"I think I ripped my trousers. But I'm good." -- John after doing the Bounce Boot Camp.
"It got a little confusing there." -- Herjavec to Dr. Lewis after they had sealed their deal with a hug.
"Only to you, Robert." -- A clearly exasperated Cuban immediately thereafter.
"Don't lose those (samples). I've already sold them on Amazon." -- Isakow to the Sharks when distributing examples of Eyebloc.
"You could use this as home plate in your cockroach baseball league." -- Cuban commenting on Eyebloc.
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ABC
There were entrepreneurs in the Shark Tank halls. Would they find excellent deals under their Christmas trees or would Mr. Wonderful leave them a lump of coal? It was the Christmas episode, in case you hadn't figured it out yet.
First
The first entrepreneur in the tank was Shawn Genenbacher, who was pitching Lite-netics. He wanted $125,000 for 15%. These were magnetic light strands that were supposed to whittle time spent putting up Christmas lights down to next to nothing. He was selling them for both residential and commercial use and he'd been at it for four years, averaging about $100,000 per year. The Sharks picked up immediately that there were scaling problems. The lights were too expensive to make, too, since the fact they were magnetized drove the production costs up. His lights were also way more expensive than his competitors. He also didn't do the best job presenting, stammering answers on multiple occasions. One thing that he did have in his favor was that it was patened. No one could copy it. Sensing an opportunity, Kevin O'Leary made an offer for $125,000 for 50% of the company. Robert Herjavec, Mark Cuban and Lori Greiner got out fast, ensuring no protracted bidding process. Greiner also pointed out that the bulbs were too big, since most people were buying icicle lights. Daymond John got in the act and offered $125,00 for 40%. Genenbacher declined both their offers, and the Sharks declared that he would never make any headway in the market.
Second
Next in the tank was Morri Chowaiki, pitching the Hannukah Tree Topper, an ornament for interfaith families. He wanted $50,000 for 15%. He'd made $150,000 ... in three seasons, which caused the Sharks to groan. Several of the Sharks deemed it non-proprietary and the sales too dismal. O'Leary and Greiner were out in quick succession. It even seemed like hell froze over, since Greiner agreed with O'Leary's assessment. She's usually too busy insulting him. John didn't like Chowaiki's jugement but offered $50,000 for $35K. Chowaiki was hemming and hawing, which made me flash back to that idiot that was selling the individual wine glasses who screwed up not once but twice on the show. After a dramatic pause, he held mistletoe over his head and accepted the deal with John.
Update
It was about the Ruckpack , which had been on a previous Shark Tank. It was doing really well, it had secured a $4 million deal with Walgreens, all with help from Herjavec and O'Leary.
Third
The third entrants in the tank were Rachel Bernstein, a former model, and Melissa Barone, an expert on hair extensions, of Cashmere Hair Girls of Beverly Hills. They wanted $45,000 for 15%. They were selling hair extensions for $399. It was high quality Indian (the country India, not Native American) hair and it came in seven strips that had clips that were easy to take on or off..They'd made $38,000 in sales in six months. Cuban was out first. O'Leary was next. John followed suit, but not before first having to calm Barone down, who was nearly hyperventilating. Greiner liked the idea of hair parties. Herjavec agreed, but didn't see it worth investing in and he was out. Greiner was then out. No deals. Bernstein had to console Barone outside the Tank.
Fourth
The last people in the tank were Evan Mendelsohn and Nick Morton for Tipsy Elves. They were selling really, really ugly holiday-themed sweaters (it was mostly Christmas, but they also had Hannukah-themed items), ranging from Santa riding his sleigh upside down to gingerbread men running from a giant Santa hand reaching for them. Cuban had this look of disgust as soon as he saw them and O'Leary said what Cuban was thinking: "These are hideous." Undeterred, the two men wanted $100,000 for 5%. Surprisingly, they had made over $1 million in two years, mostly online. They wanted to move to retail, which most of the Sharks shot down as a bad idea, since it would require tremendous overhead, like warehouses the size of a couple of blocks. Cuban was out. O'Leary made an offer, $100,000 for a royalty of $2 per sweater until the money was paid back and then $1 in perpetuity - but no equity. Herjavec offered $100,000 for 10%. John thought about making an offer, but couldn't pull the trigger. They accepted Herjavec's offer.
Another .500 night for people making deals. Of course, these handshake deals all have to pass through due diligence, so there's no guarantee that further down the road, the deals didn't fall through. Still, it was a better night than some, though there didn't seem to be as much jockeying amongst the Sharks as there has been in previous episodes. My perception may have been colored by my shock at Greiner agreeing with O'Leary, though. There won't be a new episode until Jan. 10.
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ABC
After a week off, the Sharks were ready to have people back in the tank for a new episode. Would they build on the relative success of the previous episode or would all the entrepreneurs walk out with no deals in hand?
First
The first people in the Tank were Marley Marotta and Alexander Mendeluk from Spirit Hoods. They wanted $450,000 for a 15% stake . The hoods were faux fur hats that had flaps along the sides to protect people's hands in cold weather.There were also built-in speakers. This segment provided me with one of the major highlights of my life - seeing Kevin O'Leary wearing a multi-colored Spirit Hood. Seriously, it looked like a furry rainbow was perched on his head. They tried to get Mark Cuban to wear one that was in the colors of the Dallas Mavericks, but he wasn't feeling it. Spirit Hoods said they were more than hoods, they were looking for a lifestyle brand. What gave the Sharks pause was the fact that there were a large number of imitators out there and also they were a possibly rapidly depreciating company. The net result was no Sharks buying in - though Daymond John did make an offer for 50% of the company, but they tried to renegotiate, which offended his sensibilities and he withdrew.
There was an update about Cuban and John going to an entrepreneur conference and they also showed casting calls for Shark Tank. The point that was driven home was that the Sharks haven't met any of the entrepreneurs before. They only know their first name.
Second
Next in the tank was Jan Goetgeluk from Virtuix Omni. He wanted $2 million for 10%, which raised all the Sharks' eyebrows. The Omni was a virtual reality game which also featured an omni-directional treadmill, which made for a really immersive experience. Robert Herjavec, being the big tech geek, tried it out and nearly fell. The company had raised a good amount of its money from Kickstarter. The main sticking point was the fact that it relied on the visual aid, the Oculus Rift, and all the Sharks were worried about it becoming obsolete very, very quickly. All the Sharks fell out in pretty fast order, since Goetgeluk was trying to get them to buy into a vision two years into the future. Barbara Corcoran also didn't like the size of the thing, saying that any husband who bought it for a home would be in deep trouble, possibly divorced.
Third
The third people in the tank were two tough mothers named Jocelyn Fine and Kelly Dineen from New Jersey. They were selling FoHawxs - add-ons to any biking or skating helmet to make them 'cooler'. The add ons made the people wearing them look like Roman Centurions. I kept expecting one of the kid models to belt something out about Caesar. They wanted $150,000 for 30% of their company. It quickly became apparent that their sales were not as good as what the Sharks needed to invest, despite the items being in many stores. O'Leary even had to bark, "Wake up and smell the bankruptcy!" The two women were still defiant despite no Sharks biting, and O'Leary didn't even try to make one of his ridiculous offers that featured royalties. There was a lot of fiery debate on the entrepreneur's side, but the Sharks didn't see them as being rooted in reality. Fine even nearly broke into tears after all the Sharks bowed out. It looked like it might be another week of no Shark deals. .
Fourth
Last in the tank was Al "Bubba" Baker, a former NFL player, along with his daughter. The Sharks didn't seem intimidated by the fact that he was big enough to flatten all of them if they made him mad. He had created the De-Boned Baby Back Rib, a boneless rib that only needed 2 minutes in the microwave to be ready to eat. He wanted $300,000 for 15%. He had two patents on it- a first in the Tank, according to O'Leary - patents for food and the process for making it. The main thing that separated it from others was that he cooked the ribs with the bones and then had them removed and stored to preserve the flavor. They asked why he had taken 20 years to perfect it and he admitted that he had quit before, but then his daughter, who was running track, wanted to quit traning and he forbade her to do that. She said he had quit with the ribs, so he promised to get back into it. The first person to make an offer was O'Leary - $300,000, but it had to be distributed from one of the largest meat companies out there and he wanted 49% of the company. John then submitted his own offer and wanted 20% less in equity. The time came for a decision and Baker was gracious. He thanked O'Leary for making and offer and went with John's deal, which met with general approval from the other Sharks...minus O'Leary, of course.
It was another tough night for the entrepreneurs, but 1 of 4 wasn't a total wash. It's going to be interesting to see what happens with the Christmas-themed episode.
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Sony Pictures Television/ABC
It was time for another lesson in entrepreneurship on Shark Tank: five hungry sharks and four different pitches to be either torn to shreds and devoured or invested in.
The first in the tank was a "product to ensure you always know who is at the front door." The pitchman, Jamie Siminoff, stood behind the closed front doors and knocked. Lori Greiner, being the gracious one, asked who it was: some of the other sharks looked like they were wondering what the heck he was doing. He announced himself as "Jamie, ready to pitch" and Greiner told him to come in.
Siminoff, who wanted a $700,000 for 10% was selling the Doorbot - a video doorbell for smartphones. "Think of it as caller ID for your front door." He demonstrated with a cardboard cutout of Kevin O'Leary and mocked the structure of his deals. The other Sharks were laughing, but while O'Leary was smiling, his eyes looked non-plussed. It's never a good idea to make a billionaire non-plussed, Jamie.
They asked questions about distribution: he had it online currently, but in November, Staples would sell it.. He said it costs $199 and he pays $81.83 per unit to make it. This is a question that the Sharks love to ask. He had done a million in aggregate sales so far and that there were no current competitors that fit the mold of being a smartphone-only doorbell. They were concerned about burglars but Siminoff said that if it was ripped off the door, they would replace it free of charge.
Greiner, while being encouraging that there could be things to expand, was out first for not being convinced it would be distinguished enough to separate itself from other markets.
The next domino fell very quickly. Mark Cuban was out. He liked the quality of the product, but didn't see himself adding enough value to company. It was at this point that Siminoff seemed to start getting a hangdog expression, like "None of you are going to invest here, are you?"
As if sensing something, Daymond John was out next. He saw the possibility of ADT using it as part of their product, but he struggled with where it would exactly fit in the marketplace. He did offer a thin-smile of condolence with his refusal.
Robert Herjavec was really adamant that he didn't like the security aspect of it, since others alarms were hardwired. He said that this might be hackable. This of course led to a quick "I'm out."
This all came down to O'Leary, who also calls himself 'Mr. Wonderful." This is the same guy who Siminoff had mocked to start off the pitch. He apparently wasn't moved by the pitchman holding up the O'Leary cardboard cutout again. But he also was about possibly making money and offered him the $700,000 and 5% equity plus his favorite addition of royalties: 10% until the money was recouped and then 7% in perpetuity. Siminoff didn't like the royalty in perpetuity bit and threw back an offer of $700,000 plus a 10% interest rate and 3% equity, which O'Leary summarily dismissed. After Siminoff turned down his offer, O'Leary hit him with his phrase "You're dead to me." The other Sharks seemed supportive of the entrepreneur's decision.
Update: Usually they update about a particular successful pitch from early in the season, but this time Barbara Corcoran took some of her most successful entrepreneurs on weekend retreat and made it basically into an ad for a Shark Tank book. It was funny seeing her in casual gear though; usually she's very businesslike on the show.
Second in the tank was Julie Busha for Slawsa, which was a "new take on condiments" that was a cross between slaw and salsa. Her catch-phrase was "It's slaw-some", which made me mad that I didn't think of it. She asked for $150,000 for 15% . She had $212,000 in sales in 4,200 stores, with Kroger being a big retailer. They liked that she hustled and got these stores herself. The price of her product was 20% more than other condiments since it was a more labor-intensive job. In the middle of her pitch, she got teared-up over being debt-free, because that is what made her able to buy the existing company. Her and her husband had been so diligent in saving that she had more than enough money to not take a salary.
Cuban felt he couldn't contribute, despite her point that she wanted to sell this in his sports arenas. He didn't see that as enough to invest and was out.
The items were too sweet for Herjavec and he felt he couldn't invest in something he didn't like. He was out.
Daymond was not jazzed about the product either and he also bowed out.
Greiner didn't want to be in the slawsa business though she liked the product. As is generally her custom, she let her down easy when she said she was out.
So once again, it was down to O'Leary, who didn't like the valuation. Since it was a one-woman business, he felt there was too much risk. He said he could do a deal and then she'd walk out and possibly get hit by a bus. He was out.
The third pitch in the tank was Magic Moments. This was created by three guys from Detroit, Michigan, Trevor and Blake George and Sanford Nelson.
The product was a new way to for people to share favorite images. They could take a picture on their smartphone and then use an app on the phone to put those photos on any product and supposedly make money off it. The products ranged form mousepads to iPhone cases. They wanted $500,000 for a 15% stake. The problems cropped up immediately. They had no numbers though they couched it with terms like "Pre Revenue Sales." This made every Shark roll their eyes. There was the question of the legality of using people's photos for sale and they countered that they use CafePress as an exclusive vendor, which gave them access to the company's legal team.
Daymond grilled them about fundraising. They said they had raised $500,000, though it was friends and family only. Those are some really deep-pocketed friends and family, huh?
O'Leary was the first out: he couldn't get past the valuation of it and he felt he could emulate it for 1/3 of the price. When Mr. Wonderful, who usually is one of the last to bow out is the first one to say no, that's NOT a good sign.
Cuban thought it better to do web-based photos and not just have it go from the smartphone straight to the product, since a lot of people like to edit the photos in something like Photoshop. He was out.
Daymond didn't think they have proof of concept, especially in something like photography and the Internet, where there are so many apps out there. He was out.
Greiner was very uncomfortable about selling everyday pictures that other people took, so she was out.
Herjavec was not convinced that a real marketplace existed, so he was out.
There was no deal from a Shark again. Maybe the fourth one would be the one, though I had a bad feeling that wouldn't be the case since the preview showed Herjavec yelling "I'M OUT!!!!" at someone and that hadn't occurred yet.
Last in the tank was Surprise Ride, which was the brainchild of Donna and Rosy Khalife, who were sisters and refugees from Lebanon. Their product was geared toward family fun and education. They asked for $110,000 for 10%.
After their pitch, they handed out Surprise Ride packages, which were very well made. They had tailored them to each Shark's interest; Herjavec's had something about race car driving, a subject that he is a fanatic about.
The Sharks got down to brass tacks. The product cost $24.99 for a six-month subscription and they had shipped 800 to 220 subscribers over the last 4 months. O'Leary hit them with two questions that he always likes to ask start-ups: Customer Acquisition Costs and the Value in Customer Profit Margin. Rather than the deer-in-the-headlight expression that O'Leary must have anticipated, they answered his questions with no problem, earning a cheer from other Sharks. It helped that one of the sisters had a background on Wall Street.
What helped them was that it was a scalable business and they had raised $100,000 from an angel investor. They were anticipating $500,000 in sales for the year and felt they had a large potential customer base in mothers..
Daymond didn't like the valuation. He used the example of his own company, FUBU. When he first started, he sold 800 shirts. That meant he had sold 800 shirts. No crazy valuation. He was out.
O'Leary again saw a proof of concept issue. He was out.
Herjavec saw them as underestimating what hustle would be required to get this done. Despite his misgiving, he did make an offer: $110,000 for 25%. Here's where the two girls really screwed up. They practically didn't acknowledge the offer or say anything like, "Thank you, Robert." They just turned their gaze to the other Sharks and asked for other offers, Even I was cowering at home from Herjavec's death glare.
Greiner was telling them that she saw herself in them and telling them they could make anything happen. An exasperated Cuban was rolling his eyes. "She's telling you she's out in 9,000 words." He was right. Greiner was out, telling them to do it on their own. She said she was out. They were begging and Herjavec interjected that Greiner was out. The girls made Mistake No. 2, telling him basically to butt out.
Cuban then blasted them for their wanting to rely on other companies to drive their products. Entrepreneurs need to drive their own destiny.
Herjavec then really took it to them, changing his mind. The girls massively screwed up by not immediately taking his offer or even acknowledging it. Ironically, Cuban was munching on the popcorn that the girls had put in his package. They even played the immigrant card on Herjavec, but he was unmoved.
O'Leary summed it up: "You are now legends on Shark Tank. You had a deal and couldn't close it."
So... there were no deals this week. Judging by the previews with one entrepreneur pumping her fist, I think it gets better next time.
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ABC
ABC's Friday night reality TV mainstay, Shark Tank, returns tonight for its 5th season on a wave of critical acclaim and ratings success. We talked to media mogul and Shark Tank judge Mark Cuban about his side gig on the show and more. To read our Q&amp;A with Mark Cuban, check it out at Studio System News.

ABC
Shark Tank will begin yet another season on Friday, September 20 at 9 PM ET on ABC. And I, for one, can't be more excited. More entrepreneurs will be climbing into the tank to either get their dream funding or get torn into chum by the hungry sharks. There's pretty much no in-between there, which is what makes it great.
The show is adhering to its main core, but it's also making a big change. This time, there will be two female Sharks on the show at the same time. Before that, Lori Greiner and Barbara Corcoran tag-teamed as the lone female out of five sharks. This time, both of them will be there sometimes and Daymond John will be getting a breather. What I like about this is that it will likely calm things down in what can often be testosterone-driven negotiations. How many times do you remember Mark Cuban going, "OK, you have 24 seconds. Yes or no? Yes or no? OK, I'm out. See ya!"? I can see Greiner and Corcoran both slamming on the brakes there to bring things back to a more sedate level.
One of the main draws of the show is that it is very re-watchable. I've seen the same episodes several times and taken away something new each time from how an entrepreneur either did a great job with the negotiations or frittered away their chance by even walking through those doors to meet the Sharks.
What I also love about the show is that the sharks have their own distinct personalities and aren't afraid to insult each other as well as those poor sharks that come in. Kevin O'Leary calls himself "Mr. Wonderful" and is more often a jerk than not. John can be brusque when he realizes the pitch is not for him, but for all his machismo, Cuban tends to be like Robert Herjavec and is very helpful in his explanations of why he is or is not in - unless the prospective entrepreneur pisses him off.
The only thing I don't like in the show is that advertising is starting to creep in at some points. Suddenly one of the Sharks will proclaim that they have to take a call on a prominently named phone. Things like that jar a bit. I know they have to do this to help combat DVRing, but it takes me out of the show.
Other than that, I can't wait until Friday. Come on in...the water's fine.
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McKayla Maroney is not impressed with the talent, bikini, or evening wear portions of your pageant, Miss America. Just kidding! She might be! She is going to judge the ever-loving s**t out of you, though, on on January 12, when the Olympic gymnastic champion and top meme of 2012 takes on judging duties at the 2013 Miss America Pageant/Competition/Scholarship Program/Girls in Sparkly Bikinis Event.
Ms. Maroney will be joined by eight other judges at this year's Las Vegas-based event, including Dancing with the Stars' Cheryl Burke, Oprah Winfrey "glam squad" fashion guru and amazing-name-haver Bradley Bayou, weatherman Sam Champion, Entertainment Tonight's Mary Hart, Shark Tank star Daymond John, and 2009's Miss America, Katie Stam Irk. The judges were announced live this morning on ABC's Good Morning America—the same program where Champion tells you whether or not to wear a jacket!
For those somehow completely in the dark on what the Miss America pageant is all about, let's break it down: according to the organization, the program "exists to provide personal and professional opportunities for young women to promote their voices in culture, politics and the community", while also providing "a forum for today's young women to express their viewpoints, talents and accomplishments to audiences during the telecast and to the public-at-large during the ensuing year." So, a lot of spray-tanned girls waltzing around on stage in bikinis, sparkly things, and business suits talking about all the things they do and attempting to achieve relatable intelligence. Also those bikinis seem to be popular. We're sure, though, with all the silver and gold medals Maroney's used to, she may be a wee bit underwhelmed by what she sees—thank goodness there are judges that are way easier to impress also on the panel.
This year's sparkly queen of America will be chosen in a live broadcast on ABC, January 12, 2013 at 9PM ET. Are you going to to tune in? Let us know in the comments!
[Photo Credit: Ronald Martinez/Getty Images]
Follow Alicia on Twitter @alicialutes
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